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Side-by-side financial comparison of Telesat Corp (TSAT) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Telesat Corp is the larger business by last-quarter revenue ($73.8M vs $39.6M, roughly 1.9× Voyager Technologies, Inc.). Voyager Technologies, Inc. runs the higher net margin — -41.1% vs -119.8%, a 78.7% gap on every dollar of revenue.
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
TSAT vs VOYG — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.8M | $39.6M |
| Net Profit | $-88.4M | $-16.3M |
| Gross Margin | 95.3% | 15.4% |
| Operating Margin | 5.9% | -60.7% |
| Net Margin | -119.8% | -41.1% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $-0.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $73.8M | $39.6M | ||
| Q2 25 | $77.5M | $45.7M | ||
| Q1 25 | $152.2M | — | ||
| Q2 24 | $363.2M | — | ||
| Q3 23 | $552.5M | — | ||
| Q2 23 | $372.4M | — | ||
| Q1 23 | $185.8M | — | ||
| Q3 22 | $570.7M | — |
| Q3 25 | $-88.4M | $-16.3M | ||
| Q2 25 | $55.1M | $-31.4M | ||
| Q1 25 | $-52.3M | — | ||
| Q2 24 | $547.4M | — | ||
| Q3 23 | $-172.5M | — | ||
| Q2 23 | $56.3M | — | ||
| Q1 23 | $60.6M | — | ||
| Q3 22 | $42.1M | — |
| Q3 25 | 95.3% | 15.4% | ||
| Q2 25 | 95.9% | 18.0% | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
| Q3 25 | 5.9% | -60.7% | ||
| Q2 25 | 16.8% | -52.8% | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
| Q3 25 | -119.8% | -41.1% | ||
| Q2 25 | 71.2% | -68.7% | ||
| Q1 25 | -34.4% | — | ||
| Q2 24 | 150.7% | — | ||
| Q3 23 | -31.2% | — | ||
| Q2 23 | 15.1% | — | ||
| Q1 23 | 32.6% | — | ||
| Q3 22 | 7.4% | — |
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-1.23 | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $352.3M | $413.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.6B | $590.9M |
| Total Assets | $5.1B | $727.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $352.3M | $413.3M | ||
| Q2 25 | $399.6M | $468.9M | ||
| Q1 25 | $552.1M | — | ||
| Q2 24 | $1.7B | — | ||
| Q3 23 | $1.7B | — | ||
| Q2 23 | $1.7B | — | ||
| Q1 23 | $1.7B | — | ||
| Q3 22 | $1.4B | — |
| Q3 25 | $1.6B | $590.9M | ||
| Q2 25 | $1.7B | $554.7M | ||
| Q1 25 | $2.5B | — | ||
| Q2 24 | $2.4B | — | ||
| Q3 23 | $1.8B | — | ||
| Q2 23 | $1.8B | — | ||
| Q1 23 | $1.8B | — | ||
| Q3 22 | $1.7B | — |
| Q3 25 | $5.1B | $727.8M | ||
| Q2 25 | $4.9B | $685.3M | ||
| Q1 25 | $6.9B | — | ||
| Q2 24 | $6.3B | — | ||
| Q3 23 | $6.5B | — | ||
| Q2 23 | $6.5B | — | ||
| Q1 23 | $6.5B | — | ||
| Q3 22 | $6.4B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-15.1M |
| Free Cash FlowOCF − Capex | — | $-53.8M |
| FCF MarginFCF / Revenue | — | -135.8% |
| Capex IntensityCapex / Revenue | — | 97.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-30.9M | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q3 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TSAT
Segment breakdown not available.
VOYG
| US Government | $26.9M | 68% |
| Space Solutions | $11.7M | 30% |
| Other | $1.0M | 3% |
